What is the DMCC in Dubai?
DMCC in Dubai
DMCC is the world’s largest free zone and one of the most well-known business districts in the UAE. It provides the physical, market and legal infrastructure that companies need to set up and grow in commodity trading, service provision and other core commodity related businesses in the UAE. Its 100 per cent foreign ownership, zero taxes, central location, high reputation and more makes it a popular choice for investors and entrepreneurs alike to launch their businesses in Dubai.
Unlike other free zones in the UAE, which tend to focus on specific themes and allow only those activities that fall within that theme, DMCC offers a comprehensive list of business licences across various sectors. Companies can get licences to conduct their core commodities trade as well as services like banking, insurance and shipping. Additionally, DMCC Dubai also provides its members with an extensive range of resources to help them succeed in their respective industries.
In addition to the wide range of trading and service activities, DMCC is known for its extensive network of industry-specific events and support services. Its events provide valuable networking opportunities and help DMCC members gain a competitive edge in the global marketplace. In addition, DMCC’s e-commerce platform has helped many companies expand their presence and reach beyond the UAE.
What is the DMCC in Dubai?
Setting up a company in DMCC allows full foreign ownership and zero taxation, as well as no restrictions on capital repatriation. DMCC’s central location and well-organized online system make it a highly desirable location for both major multinational corporations and small SMEs. Having a business presence in DMCC can help companies establish a strong foothold in the UAE market and tap into its growing expat population.
The cost of setting up a company in DMCC depends on the type of business you wish to establish. You can start with a DMCC Trading or Service Licence, which have a minimum capital of AED 15,000 and two to five shareholders respectively. Alternatively, you can also start a Free Zone Company (FZC), which has a minimum capital of AED 50,000 with no minimum shareholder requirement.
Once you have established your company, you will need to submit several documents to DMCC in order to obtain your business licence. These will vary depending on the type of licence you have applied for, and some may require additional approvals from external bodies.
Moreover, if you plan to hire employees for your DMCC-registered business, you will need to file an Establishment Card with the General Directorate of Residency and Foreign Affairs. The visa eligibility of your staff will depend on the size of your office space; 9 sq. m of office space entitles the company to one employee residence visa. This process takes between seven and 14 working days. Alternatively, you can rely on a reputable business setup consultancy in Dubai to handle this for you. These firms will be able to advise you on the best options for your particular situation.